The disclosure relates to an anvil roll with a radial adjustment feature. As will be described in greater detail below, the radially adjustable anvil roll comprises a generally hollow cylinder anvil sleeve, a shaft, and a pair of eccentrics on the shaft, and a pair of bearer rolls. The anvil roll has an internal adjustment mechanism which cooperates with eccentrics that are located on longitudinally opposite ends of the anvil roll. Additionally, the internal adjustment mechanism includes an additional eccentric on one end of the anvil roll for setting the depth of cut on one end of the anvil roll. An external adjustment mechanism for an anvil roll is also disclosed. The external adjustment mechanism allows for setting a radial offset between an anvil roll sleeve and longitudinally opposite bearers. The external adjustment mechanism also allows for setting a radial offset for one of the bearers relative to the other of the bearers. In particular, the external adjustment mechanism cooperates with eccentrics that are located on longitudinally opposite ends of the anvil roll, and an additional eccentric for setting the depth of cut on one end of the anvil roll.